Pensions flexibilities, the impact on DB schemes

With Defined Benefit (DB) schemes in the Higher Education sector seeing a steady increase in costs, many institutions are now considering whether to move a proportion of their staff onto a DC scheme. DC schemes can introduce a lot of freedom and flexibility for staff members which can be very valuable, however setting up a DC scheme can also be a complicated exercise and may initially create concerns for those staff members being moved. Therefore the key to a successful DC launch is getting the right provider, the right level of benefits and ensuring that you are engaging with staff in a way that helps them to see the potential. During this 45 minute webinar we hope to give you an understanding of the key issues when thinking about setting up a DC scheme.

Do you have the right tools to help with understanding longevity risk in your pension scheme?

And how informed do you feel about the latest developments in the fast-moving area of longevity research?

As UK pension schemes mature, longevity risk is increasingly becoming the main area of exposure, but remains an area where many trustees are unsure of the level of risk exposure in their pension scheme.

Our webinar focuses on practical tools for understanding the longevity risk exposure inherent in the business as usual operations of individual pension schemes. It also highlights some of the latest research and hot topics in longevity, that are relevant to pension scheme stakeholders with an interest in improving their understanding of longevity risk.

Is your scheme exposed to longevity risk? We will explain innovative ways of assessing and removing risk that are even achievable for small and mid-sized pension schemes.

Join our interactive webinar hosted by Self-Invested Technical Specialist, James Jones-Tinsley to hear about hot topics and current issues, from pensions tax relief and the tapering of the Annual Allowance, to pensions freedoms and death benefits.

Transferring administration services to a new provider can be a challenging process, but an efficient and seamless transfer can be achieved through approaching the project with transparency, cooperation and accountability.

Chris Tagg, will walk you through the transfer process, looking at best practice, roles that various parties play and the expectations that trustees should have, as well as the common traps to avoid.

As one of only two third-party administrators in the UK to have achieved PASA Accreditation, maintaining the ‘gold standard for high quality pension administration’ has never been more important but where does PASA fit in with both the old and new administrators? Chris examines their significance in a broader context alongside Barnett Waddingham’s approach to implementations.

Are you aware of the challenges surrounding pension transfers? During this webinar, our Administration Manager, Ben Clacker, will guide you through the key issues to look out for – and how to avoid them.

The introduction of Freedom and Choice brought about an increased frequency of pension transfer requests. In addition, developments such as HMRC’s change to their QROPS listing, and the rise of pension scams, have impacted administrative due diligence requirements.

Reflecting on high profile news stories, case studies and current developments, Ben will demonstrate how administration teams can act as the first line of defense and effectively mitigate the risk of transfers, protecting member’s benefits by implementing a comprehensive quality control frame work, practicing due diligence, and engaging with trustees.

Ben will guide you through:

•The impact scams can have on members’ benefits
•Insight into the administrative challenges of pensions transfers
•Examples of tactics scammers may use to defraud members’ benefits
•The importance of quality administration when it comes to pensions transfers

Our interactive webinar on Tuesday 21 February will offer a clear explanation of the important changes to pensions taxation – helping you to provide the right support your staff.

Our Senior Pensions Consultant, Graham Cooper, and our Head of Higher Education, Paul Hamilton, will guide you through the potential on pension savings in final salary pension schemes such as the Universities’ Superannuation Scheme, the Teachers’ Pension Scheme and the Local Government Pension Scheme.

Key topics of discussion will include:

•Tapered Annual Allowance, Lifetime Allowance and the new forms of Lifetime Allowance protections
•The pitfalls arising from the Tapered Annual Allowance
•Important actions to take, and when
•How to avoid sleepwalking into paying large pension tax bills
•How we can assist with retirement planning

Our experts will also be on hand to answer your crucial questions at the end of the webinar.

Since 31 December 2015 the liability value of a typical pension scheme has increased by 25%. This increase can have real consequences; as Carclo found out in October, when it was unable to pay an interim dividend.

Join Adam Poulson, as he guides you through the simple steps you can take to mitigate this issue.

In December 2015 The Pensions Regulator released its guidance for trustees on IRM, focusing on the interaction of the funding, investment and covenant risks in a scheme when making decisions.
But what benefit does IRM have for trustees and employers and how should they apply it in practice?

The actuarial valuation is due next year, but what challenges should defined benefit (DB) pension schemes expect to face in the current low-yield environment, particularly in the context of the USS?

While The Pensions Regulator (and newspaper headlines) remains focussed on the increase in deficits, the cost of future accrual is often the biggest issue for schemes where members can still earn benefits.

During this webinar our experts, Paul Hamilton (Partner and Head of Higher Education) and Matt Tickle (Partner, Investment Consulting) will explore:

•the impact of market movements since the EU referendum on the funding level of the USS, and what this could mean for the 2017 valuation;

•the pros and cons of expressing deficit contributions as a five of salaries (as is the current approach in the USS);

•how market conditions make the situation difficult for DB schemes that are open for benefit accrual; and

•the options available for pension schemes in this extremely low-yield environment.

In October 2016, the USS introduces a DC section (the 'Investment Builder'), which will become a significant part of benefits for high earners, and could provide useful additional flexibility in retirement for other employees. From a member’s point of view, these DC options are very complicated. This webinar will look at the best way to ensure employees get the best from the Investment Builder, so that they value the benefits, and help employers understand the impact on employees’ retirement plans.

In place of a threatened radical overhaul to pensions tax relief, Budget 2016 introduced numerous smaller measures impacting pension savings, including; the Lifetime ISA, changes to Stamp Duty Land Tax on commercial property and various improvements related to taking benefits, all of which will be discussed in the webinar. On top of these, there are the new forms of protection and tapering of the annual allowance.

With completed medically underwritten bulk annuity transactions now comfortably exceeding £1bn, could medical underwriting help your DB scheme accelerate its de-risking journey?

During our webinar we will discuss the main issues and options for corporate sponsors and trustees in considering this type of transaction. We will also explore the possible impact of the merger of the two leading players on the recent rapid growth of the market.

Join our webinar on Tuesday, 24 May where we’ll be looking at key challenges for hundreds and thousands of SMEs facing auto-enrolment (AE) in 2016 – and how to solve them.

From the basic requirements to the obvious pitfalls and issues to watch out for, our auto-enrolment specialists, Adam Bexson and Steve Elliott, will take you step-by-step through the process.

We’ll help you to understand what you should be doing in the run up to your staging date, as well as what you can expect during and post staging date, covering topics such as:

•The difference between eligible and non-eligible jobholders;
•How long you can postpone for and how often; and
•The cheapest way to satisfy the requirements in terms of contributions;
•Navigating your way through AE legislation efficiently;
•Ensuring your auto-enrolment scheme meets the legislation; and
•How to be certain that your approach to AE is correct.

Policymakers have played an increasing role in the direction of investment markets over recent years and with a host of activity on the horizon, 2016 looks set to be no different.

Arguably the most significant of these for UK pension schemes is the upcoming vote on whether the UK should remain part of the European Union (EU).

Rather than speculating on the results of the vote, our interactive webinar on Thursday, 19 May will offer practical guidance on the issues schemes should be considering.

With uncertainty comes opportunity but also risk; this is the perfect opportunity to pose your questions to our investment expert, Matt Tickle, who will drill down to the areas that concern you.

2016 is proving to be the year London Market Insurers concentrate on improving their technical pricing frameworks. Currently most models are run in Microsoft Excel with data being sent back to a relational database such as a SQL server.

In April 2015 the government introduced a range of legislative changes designed to increase the flexibility that individuals have when accessing their pension savings from age 55 onwards.

Although these changes apply mainly to defined contribution (DC) schemes, there is an inevitable knock-on effect to defined benefit (DB) schemes too.

Join our webinar on Tuesday 26 April, where we will be looking at the overall market experience within DB schemes, following the introduction of the new pension flexibilities.

Over the course of the webinar Partner, Andrew Vaughan, will share valuable insights gained from our recent market research and will identify the actions which companies and trustees should consider.

You will also have the opportunity to pose your questions to Andrew at the end of the session.

The Budget 2016 might not have seen the widespread changes to the pension taxation system that many had been anticipating – however, there are still key pension considerations to be aware of in the new tax year.

Our upcoming webinar hosted by DC expert, Phil Duly, will help you to understand any issues affecting the scheme you provide and your workforce, including:

•Ensuring that your pension scheme complies with the 6 April changes;
•Understanding of any areas that may need review;
•Ideas for how you can get a better return on the company’s benefit spend;
•Understanding whether your high earners are likely to be affected and what the company can do to help; and
•Approaching your automatic re-enrolment date with confidence.

Barnett Waddingham and SolvencyIISolutions present SIIMPLIFY (Pillar 1 standard formula Solvency Capital Requirement tool) and Tabular (Pillar 3 reporting tool).